JPMorgan Chase & Co. Issues Pessimistic Forecast for Foot Locker (NYSE:FL) Stock Price

Foot Locker (NYSE:FL) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $27.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the athletic footwear retailer’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.70% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group cut their target price on Foot Locker from $27.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday. StockNews.com cut shares of Foot Locker from a “hold” rating to a “sell” rating in a report on Friday, September 20th. Gordon Haskett started coverage on shares of Foot Locker in a research note on Monday, October 7th. They issued an “accumulate” rating and a $27.00 price target on the stock. Citigroup increased their price objective on shares of Foot Locker from $27.00 to $33.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $27.00 price objective on shares of Foot Locker in a report on Wednesday. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.71.

Foot Locker Stock Performance

Shares of FL opened at $21.16 on Wednesday. The firm’s 50 day moving average price is $24.07 and its two-hundred day moving average price is $25.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.49 and a current ratio of 1.66. Foot Locker has a twelve month low of $19.33 and a twelve month high of $35.60. The firm has a market cap of $2.01 billion, a P/E ratio of -4.72, a PEG ratio of 0.70 and a beta of 1.46.

Foot Locker (NYSE:FL) last announced its earnings results on Wednesday, December 4th. The athletic footwear retailer reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.07). Foot Locker had a positive return on equity of 2.73% and a negative net margin of 4.48%. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted $0.30 earnings per share. Foot Locker’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts forecast that Foot Locker will post 1.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Foot Locker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Foot Locker by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 4,700,102 shares of the athletic footwear retailer’s stock worth $117,123,000 after acquiring an additional 71,152 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Foot Locker by 23.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock valued at $72,279,000 after purchasing an additional 557,489 shares during the period. Geode Capital Management LLC boosted its stake in Foot Locker by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,908,253 shares of the athletic footwear retailer’s stock valued at $49,319,000 after purchasing an additional 25,394 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Foot Locker by 10.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,474 shares of the athletic footwear retailer’s stock valued at $29,341,000 after buying an additional 106,402 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Foot Locker by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,113,583 shares of the athletic footwear retailer’s stock worth $28,775,000 after buying an additional 38,318 shares during the period.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.